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Tom Kosinski, CPA, MST

Tom Kosinski, CPA, MST

Author's details

Name: Tom Kosinski, CPA, MST
Date registered: March 1, 2011

Contact Information

Phone: 312-670-7444
Fax: 312-670-8301



Tom has been with ORBA since 1994, and became a Director in 2001. His career focuses mainly on offering strategic tax planning and technical advice for individuals and their closely-held companies. Tom provides a full range of consulting to high net worth individuals and business entrepreneurs. He has significant experience in the commodities and securities industry. Tom is the firm's primary consultant on U.S. tax issues relating to international taxation. Tom assists U.S.-based entities in planning for foreign activities and operations as separate entities, branches or divisions. He has researched and implemented tax savings and benefits for federal, state and international tax planning, assisted with tax consulting for individuals and corporations, and represented numerous Illinois taxpayers during IRS and Illinois Department of Revenue audits.

Latest posts

  1. Eminent Domain: Understanding the Tax Treatment Issues — June 16, 2017
  2. Buy-Sell Agreements Help Resolve Your Future Problems — April 14, 2016
  3. Can You Reduce Your Trust’s Income Tax Bill? — November 18, 2015
  4. Do You Have Digital Assets Included in Your Estate? — February 18, 2015
  5. Distinguishing Between Investors and Dealers in Real Estate — October 27, 2014

Most commented posts

  1. Turn Your Timeshare into a Tax Benefit — 1 comment
  2. Self-Rental is an Exception to the Passive Loss Rules — 1 comment

Author's posts listings

Jun 16

Eminent Domain: Understanding the Tax Treatment Issues

Eminent domain is the process by which a government or entity has the ability to take private property for public use. Any property claimed through eminent domain must be fairly compensated. This triggers a process by which “fair compensation” is determined. Once this process is complete, there will be an award to the owner of the property, based on “severance damages” for either loss in value of a larger parcel of property that was not acquired, or the value of the portion of the property that was taken. This article covers the intricacies and tax treatment issues behind eminent domain.

Apr 14

Buy-Sell Agreements Help Resolve Your Future Problems

Anticipating the future is one of the major responsibilities of business owners.  When a business is faced with uncertain questions, such as “What if we do not get the loan?” or “What if we lose our biggest account?” or “What if a co-owner dies, becomes disabled or retires?” then the owner needs to make a… Continue reading »

Nov 18

Can You Reduce Your Trust’s Income Tax Bill?

Trusts can accomplish a variety of estate planning goals, including wealth distribution, asset protection, estate and gift tax reduction, and probate avoidance. However, taxpayers should not overlook their income tax treatment. By reducing a trust’s income tax bill, they can preserve more wealth for their heirs. This article covers a U.S. Tax Court ruling addressing material participation in regard to passive activity loss (PAL) rules, and how the court’s decision created new tax-saving opportunities for many trusts.

Feb 18

Do You Have Digital Assets Included in Your Estate?

If you are reviewing your estate planning or helping a friend or family manage their estate, there are many helpful options for managing the assets of an estate. This blog examines the increasing presence of digital assets in estates and how to manage them.

Oct 27

Distinguishing Between Investors and Dealers in Real Estate

One who deals with real estate transactions on a regular basis may wonder why it is necessary to make the distinction between an “investor” and a “dealer.” This blog discusses why that distinction is key in the eyes of the IRS and explains how the IRS distinguishes.

Aug 29

Getting a Tax Benefit from Capital Losses

As volatile as the stock market has been, you probably have some underperforming investments which have lost value that you are considering selling. Tax planning is especially important when you are considering selling at a loss. This blog explains how selling holdings for less than the purchase price can lower a person’s income tax bill.

May 07

Real Estate Group Newsletter – Spring 2014

Spring 2014 Review Your Real Estate Business Structure for Ease and Flexibility By: Tom Kosinski, CPA, MST Choosing the right business structure for your real estate venture requires careful thought and analysis. A corporation is still an alternative that can provide many tax and legal benefits, but there are also many noncorporate alternatives, which generally… Continue reading »

Jan 28

Turn Your Timeshare into a Tax Benefit

Many timeshare interests permit the owner to use vacation properties for a designated period each year in exchange for a purchase cost and an annual fee. So if the personal use of the timeshare is no longer providing a benefit and the cost of utilities, repairs, maintenance and taxes are adding up each year, it may be the right time to consider how the timeshare can reduce your taxes.

Dec 30

Are You Prepared to Assume the Duties as an Executor?

If you are asked to help a friend or family member by serving as an executor of an estate, do you understand what the role requires? Being asked to be an executor might be considered either a special honor or a personal obligation, but many significant responsibilities are also involved that you need to consider before accepting this role.

Aug 23

Self-Rental is an Exception to the Passive Loss Rules

If you rent property to one of your own businesses, you may accidentally catch the eye of the IRS. Although rental real estate properties are generally treated as passive activities, the self-rental rules may recharacterize the rental income as nonpassive in some cases. That is exactly what happened to one investor who leased property to his wholly-owned S corporation.

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